How to make savings on 3 of the biggest startup costs
Launching your own business should be the most exciting period of your working life. The thrill of creating a truly unique product – not to mention the fun of imagining the dream workplace you’re going to run – will be your biggest motivation through the ups and downs of the coming months.
But ultimately the success of your new venture boils down to cold, hard cash. Creativity is invaluable, but your startup will soon struggle without the capital to back up your vision.
Figuring out exactly how much money you’re going to need is key to being able to properly plan and execute your business idea.
The good news is that your path is well-worn and there are plenty of examples to learn from. We’ve identified three of the biggest startup costs that could cause you trouble, and included a few pointers on how to make some valuable savings.
Whether buying or renting, taking the time to find the best property in the perfect location is essential. You want to make the right first impression on customers after all, so figuring out what you need from your premises is vital.
There’s plenty of commercial property for rent in high value areas like London, but you can’t afford the time or money to make mistakes. The easiest way to make sure you tick all of your criteria without blowing the budget is by using a quality online database to start the search. It’ll help you narrow the options, and find the best deal for your needs.
Insurances, licenses and legal costs
Legal checklists and paperwork might not be the most scintillating elements of running your own business, but getting this part right is crucial. Failure to adhere to government regulations will cost you a whole load of money and stress if you’re caught out.
The rules and restrictions you need to observe will depend on the nature of your business. You can always hire an expert to lend a helping hand, but there’s also plenty of free advice on insurance, licenses and other regulations available.
Advertising and promotion
Getting customers through the door is the most important thing for having a successful first few months. Promoting your start-up in a creative way is key to doing this. Unusual techniques like tongue-in-cheek promotional videos could give you a much needed edge over competitors.
But a thorough and effective marketing campaign takes a lot of time and energy to implement. Using an external agency to help you manage the load could take your startup to the next level, and is definitely worth the initial cost involved.
There’s bound to be a few surprises as you launch your startup, but proper planning of key areas like these will help you manage them with ease.